Central States

[mrpeteysparent]

I recently saw an article complaining how the Central States Pension Fund was bringing down the pensions of everyone else. I thought it was only fair to voice my thoughts on this matter. I"am a former UPSer who has been retired for approximately nine years. I worked my butt off just like all of you guys are doing today and I did this because UPS held that pension carrot out in front of me for the full 30 years I worked. Now that the collapse of Central States looks like a forgone conclusion I just wanted everyone to realize how many retired UPSers will be affected. I currently draw $3000 per month and kif and when Central States folds I will be drawing $1150, quite a difference just when I need it the most. So next time you hear someone complaining about Central States bringing down their pension, just remember it could be a hell of a lot worse, I was promised $3000 per month for the rest of my life by UPS and it doesn't look like that promise will be kept. Thanks for reading this, looks like my 30 years of service weren't worth as much as I thought!!

 

[UpstateNYUPSer(Ret)]

To clarify, it was the Teamsters, not UPS, that promised you the $3K/month.

 

[Catatonic]

I recently saw an article complaining how the Central States Pension Fund was bringing down the pensions of everyone else. I thought it was only fair to voice my thoughts on this matter. I"am a former UPSer who has been retired for approximately nine years. I worked my butt off just like all of you guys are doing today and I did this because UPS held that pension carrot out in front of me for the full 30 years I worked. Now that the collapse of Central States looks like a forgone conclusion I just wanted everyone to realize how many retired UPSers will be affected. I currently draw $3000 per month and kif and when Central States folds I will be drawing $1150, quite a difference just when I need it the most. So next time you hear someone complaining about Central States bringing down their pension, just remember it could be a hell of a lot worse, I was promised $3000 per month for the rest of my life by UPS and it doesn't look like that promise will be kept. Thanks for reading this, looks like my 30 years of service weren't worth as much as I thought!!

UPS funded your Teamster managed pension account. Other than that, UPS had nothing to do with the CS Pension.
UPS never made any promises or estimates.
I assume you were sincere in your statement but you have it all wrong.

The Teamsters embezzled/wasted your pension funding.
UPS has funded the CS more twice as much per individual as they did for management pension.
Management gets around $4500 per month with 30 years at 55.
If UPS had taken over the CS in 1997 you would be getting $3000 per month and be fully funded (as is the management pension).
Instead you struck UPS to keep the Teamsters in charge of your pension.
There is no one to blame but yourself and the Teamsters.

Sad ... I hope things work out for you.

 

[want to retire]

I recently saw an article complaining how the Central States Pension Fund was bringing down the pensions of everyone else. I thought it was only fair to voice my thoughts on this matter. I"am a former UPSer who has been retired for approximately nine years. I worked my butt off just like all of you guys are doing today and I did this because UPS held that pension carrot out in front of me for the full 30 years I worked. Now that the collapse of Central States looks like a forgone conclusion I just wanted everyone to realize how many retired UPSers will be affected. I currently draw $3000 per month and kif and when Central States folds I will be drawing $1150, quite a difference just when I need it the most. So next time you hear someone complaining about Central States bringing down their pension, just remember it could be a hell of a lot worse, I was promised $3000 per month for the rest of my life by UPS and it doesn't look like that promise will be kept. Thanks for reading this, looks like my 30 years of service weren't worth as much as I thought!!

My understanding of the current contract is that until age 67(or something close to that age), UPS(as in UPS/IBT pension plan) pays and guarantees your pension. After that age(67) (Central States) takes it over(and if C/S can't , UPS guarantees it). OK. I don't have a contract book or pension plan in front of me, but that's the way I understand it. I don't know the details of your situation and would like to hear more about what "officially" is going to happen and why. Such as-I assume you have been notified(by letter) of these changes? etc.

 

[mrpeteysparent]

I think you are referring current employees and not the ones who have retired before the UPS buyout. If anyone else knows different please let me know. Thanks

 

[mrpeteysparent]

But it was UPS that bought it's way out of Central States and they knew at that time that several of it's former employees would be adversely affected by their decision. I know it was good business but they shouldn't have left their former employees holding the bag. Dumping the retirees from other trucking companys I can understand, but again take care of their own.

 

[hembone]

My understanding of the current contract is that until age 67(or something close to that age), UPS(as in UPS/IBT pension plan) pays and guarantees your pension. After that age(67) (Central States) takes it over(and if C/S can't , UPS guarantees it). OK. I don't have a contract book or pension plan in front of me, but that's the way I understand it. I don't know the details of your situation and would like to hear more about what "officially" is going to happen and why. Such as-I assume you have been notified(by letter) of these changes? etc.

After age 65 CSPF picks up all pension years before Jan.1,2008. If CSPF makes any cuts ups will pay the difference. If you retired before Jan. 1,2008 this would not apply to you.

 

[hembone]

I feel for all the former UPS'ers in the Central States region that retired before Jan. 08.

 

[brownIEman]

But it was UPS that bought it's way out of Central States and they knew at that time that several of it's former employees would be adversely affected by their decision. I know it was good business but they shouldn't have left their former employees holding the bag. Dumping the retirees from other trucking companys I can understand, but again take care of their own.

UPS bought it's way out of the fund, it left the fund with $6Billion in cash to take care of the former UPSers. If it was me I would be asking what happened to that money more than asking why UPS abandoned me. UPS is welcome to abandon me to the tune of $6 billion any time they want.

 

[raceanoncr]

If it was me I would be asking what happened to that money more than asking why UPS abandoned me. UPS is welcome to abandon me to the tune of $6 billion any time they want.

I, and many others here, did just that. Asked Central States what happened to that money. The answers we get/got are always the same: Bad economy. The investments weren't going the way they wanted. More retirees showing up. Life expectancy going up. Fewer employers contributing. On and on and on and on.

Me? I was happy to see UPS come along and throw the 6 bil in the pot. Unfortunately, am turning 65 soon and entire pension is coming from Central.

Yes, it does make me angry when I see these, supposed, managers of our money, mishandling it. Why is it that I, as an individual, after getting out of the debt that my ex threw me in, paying off everything I own, paying her an ungodly amount of alimony $, own a house I never would have dreamed of before w/more garage space than living space, Corvettes, hot rods, Harleys, no help from anyone except my new wife of 10 years, decent 401, Roth IRAs, am now retired with, what could be, a comfortable pension and they claim they can't make it? Oh, sure, the scale is bigger but are the principles the same? To me, YES!

Why is it that corps like JPMorgan say they, "Made a few mistakes" but when I make a mistake I get my house/car/life taken away?

The solution? Well, in my short-sighted goggles, fire em all and put em in jail! Gonna happen? No. It would to me, tho.

 

[preload1]

Central States are a group of thieves. I worked with drivers in my center who retired after 33 years of service and received $ 850 per month. UpstateNYUPSer is correct. The teamsters promised that monthly payout, not UPS. UPS just sent the teamsters the money for your retirement each month. That's sad and some people still don't see that fact.

 

[Inthegame]

I, and many others here, did just that. Asked Central States what happened to that money. The answers we get/got are always the same: Bad economy. The investments weren't going the way they wanted. More retirees showing up. Life expectancy going up. Fewer employers contributing. On and on and on and on.

Me? I was happy to see UPS come along and throw the 6 bil in the pot. Unfortunately, am turning 65 soon and entire pension is coming from Central.

Yes, it does make me angry when I see these, supposed, managers of our money, mishandling it. Why is it that I, as an individual, after getting out of the debt that my ex threw me in, paying off everything I own, paying her an ungodly amount of alimony $, own a house I never would have dreamed of before w/more garage space than living space, Corvettes, hot rods, Harleys, no help from anyone except my new wife of 10 years, decent 401, Roth IRAs, am now retired with, what could be, a comfortable pension and they claim they can't make it? Oh, sure, the scale is bigger but are the principles the same? To me, YES!

Why is it that corps like JPMorgan say they, "Made a few mistakes" but when I make a mistake I get my house/car/life taken away?

The solution? Well, in my short-sighted goggles, fire em all and put em in jail! Gonna happen? No. It would to me, tho.

After UPS paid the withdrawal liability (6Bl) CS was in stable financial condition to meet it's obligations. Unfortunately October of 2008 happened. Firing them all and putting them in jail won't bring one more cent into that fund. Maybe CS needs to find a new wife.

 

[pretender]

raceanoncr:

Could you please clarify for me-You state in your post, that you will soon be getting all of your pension from Central States. If I recall, it seems as though you just retired in the last couple of years, so wouldn't UPS pick up the difference if Central States cuts the benefit?

 

[Packmule]

I would like to know where you heard UPS will take back the guarantee after age 67 ( everything I read says 65) for the full contribution years. My understanding is that if CS goes belly up, those with lots of pre 2008 contribution years are just about as hosed as those who retired prior to 2008.

 

[raceanoncr]

raceanoncr:

Could you please clarify for me-You state in your post, that you will soon be getting all of your pension from Central States. If I recall, it seems as though you just retired in the last couple of years, so wouldn't UPS pick up the difference if Central States cuts the benefit?

Pretender, let me first clarify my own personal position. I have never been a student of the pension or system, that is, this retirement thing kinda took me by surprise. How?

I never thot I'd reach this point in my life. I was just living like I think everyone should. Pay your bills, get outta debt, stay outta debt, pay cash for everything, maxing the 401, buying Roth IRAs, making other investments, doing my job, taking care of other busi. I would go to the General Mem meetings where one of the trustees of CS was a BA. We'd, or should I say, many in attendance would ask him about the CS trouble even then. That's when we got all those vague, as in congressional hearings, answers. I was merely asking those questions because I couldn't understand how this corporation could claim to be in such trouble when I was faced with similar troubles when I was hooked up with my ex. I came out of it with some diligent planning. Why couldn't they?

Well, then, I was just plugging along. In the meantime, many of my friends and acquaintances were, kinda, dying. I mean, really dying. I was starting to have some issues of my own---cervical fushion, two knee arthos, two complete hip replacements, taking care of my mother while she was dying. It kinda quickly drove home that I still had some things to do and this job thing was just getting in the way. I sat down with my wife, drew everything on paper and I bailed. Just like that. Didn't really plan it, it just worked and is working today.

My point? I never and still don't pay much attention to the pension, other than I knew CS was/is/will be in trouble. I don't rely on it to live. When I said I will be getting all my pension from CS in about a month, the way I understand it is that, since I was vested in CS for 30 years before UPS bailed it out (I know it was not a bailout, but it seems like it), I'll get the majority of pension from CS, thirty yrs worth, with the rest, about 2 years, picked up by UPS. I don't ever remember it written that if CS goes completely belly-up that UPS will pick up the balance. It's been said that out of the goodness of UPSs heart, they'll do that but I was here long enought to know that there ain't a whole lotta goodness in the big UPS heart, at least not enough to take care of me.

Now, I'm prepared for others to absolutely set me straight on this. Am I right or wrong? Or, if you want, flame me too. I got thick skin. As they say, "Sticks and stones may break my bones, but chains excite me!".

 

[rod]

100% of my pension comes from Central States. In fact just last week I got my annual "we are underfunded but don't worry" letter from them ---- the same one I have received every year since retiring in 2001. The way I look at it is if it dried up tomorrow its been a good run but I would still survive because I planned ahead to not have to rely on "just a pension". Everytime I go to the mailbox and there is a thick letter from the Teamsters I always assume its "the end".

The Doors - The End (original) - YouTube

 

[hembone]

Pretender, let me first clarify my own personal position. I have never been a student of the pension or system, that is, this retirement thing kinda took me by surprise. How?

I never thot I'd reach this point in my life. I was just living like I think everyone should. Pay your bills, get outta debt, stay outta debt, pay cash for everything, maxing the 401, buying Roth IRAs, making other investments, doing my job, taking care of other busi. I would go to the General Mem meetings where one of the trustees of CS was a BA. We'd, or should I say, many in attendance would ask him about the CS trouble even then. That's when we got all those vague, as in congressional hearings, answers. I was merely asking those questions because I couldn't understand how this corporation could claim to be in such trouble when I was faced with similar troubles when I was hooked up with my ex. I came out of it with some diligent planning. Why couldn't they?

Well, then, I was just plugging along. In the meantime, many of my friends and acquaintances were, kinda, dying. I mean, really dying. I was starting to have some issues of my own---cervical fushion, two knee arthos, two complete hip replacements, taking care of my mother while she was dying. It kinda quickly drove home that I still had some things to do and this job thing was just getting in the way. I sat down with my wife, drew everything on paper and I bailed. Just like that. Didn't really plan it, it just worked and is working today.

My point? I never and still don't pay much attention to the pension, other than I knew CS was/is/will be in trouble. I don't rely on it to live. When I said I will be getting all my pension from CS in about a month, the way I understand it is that, since I was vested in CS for 30 years before UPS bailed it out (I know it was not a bailout, but it seems like it), I'll get the majority of pension from CS, thirty yrs worth, with the rest, about 2 years, picked up by UPS. I don't ever remember it written that if CS goes completely belly-up that UPS will pick up the balance. It's been said that out of the goodness of UPSs heart, they'll do that but I was here long enought to know that there ain't a whole lotta goodness in the big UPS heart, at least not enough to take care of me.

Now, I'm prepared for others to absolutely set me straight on this. Am I right or wrong? Or, if you want, flame me too. I got thick skin. As they say, "Sticks and stones may break my bones, but chains excite me!".

Hope this helps.
UPS/IBT Full-Time Employee Pension Plan - Q&A
Go to Question 24

 

[raceanoncr]

Thanks, Hem. Yeah, I do remember that now. Do I believe it? I was here for 32 years, don't ya know.

 

[hembone]

Thanks, Hem. Yeah, I do remember that now. Do I believe it? I was here for 32 years, don't ya know.

Lets just hope we both live to 65 to see if they do.

 

[kenco80233]

I think that the younger drivers in the future are going to vote to go to a 401 type pension leaving all the retired in the current plans high and dry?